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Find out your closing costs using our interactive closing cost calculator. Get a full breakdown of what you’ll need to pay in Canada, from land transfer taxes to title insurance.
- Costs of Selling a House
The major costs of selling a house (or seller closing costs)...
- Costs of Selling a House
The major costs of selling a house (or seller closing costs) include the real estate commissions, legal fees, and sales tax on real estate commissions. These vary based on province, region, and your agent’s commission cost structure. You can save on the cost by selling your home FSBO.
Closing costs range from 1.5% to 4% of a home’s purchase price. On a $500,000 home, expect $7,500 to $20,000 in fees. Major closing costs include land transfer taxes, legal fees, and title insurance. Costs vary by province and property type.
- Closing costs in Canada typically range from about 1.5% to 4% of the property’s purchase price, in addition to the down payment. These costs can be...
- Closing costs differ due to factors like location, property type, and various fees associated with the transaction, such as legal fees, land transf...
- In Canada, it’s common for the buyer to cover most of the closing costs. However, certain costs, such as the realtor’s commission and mortgage pena...
- When purchasing a house in Canada, lawyer fees often range between $500 and $1,000, depending on the complexity of the transaction and the legal se...
- In Ontario, title insurance costs usually fall between $250 and $400 for real estate transactions.
- Realtor’s Commissions
- Legal Fees
- Closing Adjustments
- Bank Fees
- Costs of Repairs Or Replacements
- Home Staging Cost
- Moving Costs
- Capital Gains Tax
The seller is usually responsible for paying the commissions to realtors or real estate agents used by them and the buyer. These commissions can set you back between 3-7% of the selling price of the house. Average Canadian commissions are around 5% (2.5% goes to the seller’s realtor, and the remainder 2.5% goes to the buyer’s realtor). On a home so...
Your real estate lawyer will work with the buyer’s lawyer and other relevant parties (bank, etc.). They review all legal documentation, prepare a statement of adjustments for taxes or utilities owed or prepaid, review and discharge the title for the property and mortgage, deliver the closing packages and keys to the buyer’s lawyer, and much more. L...
Your lawyer will prepare a statement of adjustments. Depending on how you pay your property taxes and utility bills (i.e. prepaid or accrued), you may have to pay what is owed up until the closing day or be due for a refund if you have paid these expenses in advance. This is generally included in your closing costs when selling a home.
If you have a mortgage and plan to pay it off with the proceeds of your sale before the term ends, you may be subject to prepayment penalties. Additionally, banks will charge a mortgage discharge fee for discharging the mortgage – anywhere from $250 to $500. If you are porting your mortgage to a new property, you can avoid some of these fees. Relat...
A potential buyer may request that you pay for some repairs (or replacements) in their offer to purchase, counter-offer, or, following the conduction of a home inspection. Some popular repair requests include: 1. Roof repairs 2. Heating and cooling systems repair (furnace, air conditioners, fans, etc.) 3. Basement leaks 4. Unstable decks 5. Mould r...
If you plan to stage your home to make it more appealing to prospective buyers, you will incur additional costs.
Moving your possessions from one house to another will cost you. Costs would vary depending on how many possessions you have to move, if you’re doing the move yourself or using a moving company, how far your new location is, and so on. Costs can range from a few bucks to thousands of dollars.
When you sell your principal residence, you’re not required to pay taxes on profits (i.e. capital gains) realized. However, when this is not the case, capital gains tax is required, and 50% of the profit is taxable.
How much are closing costs when buying a house in Canada? Closing costs vary based on many factors, but you’ll generally want to set aside 3% to 5% of a home’s purchase price to cover all...
- CAN-legal@nerdwallet.com
Closing costs can run from 1% to 4% of your home purchase price — and they're are on top of your down payment. Calculate yours to avoid ‘mortgage-close shock' for a stress-free process. Here are the approximate amounts for your Closing Costs and how they're paid.
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Our RATESDOTCA Closing Cost Calculator can do the math for you. All you need to do is input the required information like the down payment, asking price, land transfer tax, first-time homebuyer rebate, legal fee, to make sure the estimate is as accurate as possible.
